Wealthedge Investment Advisors LLC Invests $405,000 in Spotify Technology S.A. (NYSE:SPOT)

Wealthedge Investment Advisors LLC bought a new stake in Spotify Technology S.A. (NYSE:SPOT - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 906 shares of the company's stock, valued at approximately $405,000.

Several other large investors also recently added to or reduced their stakes in SPOT. Avior Wealth Management LLC grew its holdings in Spotify Technology by 58.0% in the 4th quarter. Avior Wealth Management LLC now owns 444 shares of the company's stock valued at $199,000 after buying an additional 163 shares in the last quarter. Fifth Third Bancorp grew its holdings in Spotify Technology by 44.4% in the 4th quarter. Fifth Third Bancorp now owns 231 shares of the company's stock valued at $103,000 after buying an additional 71 shares in the last quarter. Geneos Wealth Management Inc. grew its holdings in shares of Spotify Technology by 17.2% during the 4th quarter. Geneos Wealth Management Inc. now owns 396 shares of the company's stock worth $177,000 after purchasing an additional 58 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management purchased a new position in shares of Spotify Technology during the 4th quarter worth $404,000. Finally, Kingswood Wealth Advisors LLC grew its holdings in shares of Spotify Technology by 8.0% during the 4th quarter. Kingswood Wealth Advisors LLC now owns 4,442 shares of the company's stock worth $1,987,000 after purchasing an additional 328 shares during the period. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Spotify Technology Stock Performance

SPOT stock traded up $30.47 during mid-day trading on Friday, reaching $667.14. The company had a trading volume of 3,165,658 shares, compared to its average volume of 2,224,570. The company has a market capitalization of $136.57 billion, a price-to-earnings ratio of 112.12 and a beta of 1.72. The firm has a fifty day simple moving average of $598.91 and a 200 day simple moving average of $548.67. Spotify Technology S.A. has a fifty-two week low of $288.07 and a fifty-two week high of $671.24.

Spotify Technology (NYSE:SPOT - Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The company reported $1.13 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.29 by ($1.16). The company had revenue of $4.41 billion during the quarter, compared to analyst estimates of $4.22 billion. Spotify Technology had a net margin of 7.26% and a return on equity of 25.56%. Spotify Technology's revenue for the quarter was up 15.2% on a year-over-year basis. During the same period in the prior year, the business earned $0.97 EPS. As a group, analysts predict that Spotify Technology S.A. will post 10.3 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on SPOT. JPMorgan Chase & Co. increased their price target on Spotify Technology from $640.00 to $670.00 and gave the stock an "overweight" rating in a report on Wednesday, April 30th. Guggenheim increased their price target on Spotify Technology from $675.00 to $725.00 and gave the stock a "buy" rating in a report on Monday, May 12th. KeyCorp lowered their price target on Spotify Technology from $675.00 to $625.00 and set an "overweight" rating for the company in a report on Wednesday, April 9th. UBS Group lowered their price target on Spotify Technology from $690.00 to $680.00 and set a "buy" rating for the company in a report on Tuesday, April 15th. Finally, Evercore ISI lowered their price target on Spotify Technology from $700.00 to $650.00 and set an "outperform" rating for the company in a report on Wednesday, April 30th. Eight research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $609.07.

About Spotify Technology

Spotify Technology SA, together with its subsidiaries, provides audio streaming subscription services worldwide. It operates through two segments, Premium and Ad-Supported. The Premium segment offers unlimited online and offline streaming access to its catalog of music and podcasts without commercial breaks to its subscribers.